Well no one wants a calamity--good to be on your toes though.
Good that you are benefiting and have an exit plan
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Well no one wants a calamity--good to be on your toes though.
Good that you are benefiting and have an exit plan
The past two night's trading have reversed most of Tuesday's selloff on the NYMEX, and the POG is showing decent support...but is not yet bullish. It's trading in a very narrow range.
1320 is new resistance (a breakthrough that price would be bullish).
1304 is the new support (a breakthrough that would be bearish).
Meanwhile, today I expect ASX and NZX gold stocks to lift slightly and hold (rather than sell off at end of day as has happened this past week).
BC
Even with all the drama going on in DC, gold can't get any traction, HUI down 1.16% and GDXJ down 1.22%, you don't need much imagination to work out what's going to happen when the impasse is solved.
Your right, Skol - a little imagination is all it takes to see Moody's and S&P, etc downgrade the US dollar resulting in a flight to precious metals. The Dow has stopped rising and even if the Fed decides to print more money than the present $80B/mnth, the 4 year honeymoon period is over for Equities. The luckless bride is about to wake up in the light of day to see more clearly the monster to which she's now married...and he's even uglier on the inside.
Imaginative enough for you? Beware the enemy within. Buy gold and silver.
I won't be buying any gold or silver, that's for sure, but there's probably plenty available, the SPDR Gold fund down another 2 tonnes in the last 2 days, shedding a tonne a day at the moment.
Down 600 tonnes from its peak.
[QUOTE=Skol;431027]Even with all the drama going on in DC, gold can't get any traction, HUI down 1.16% and GDXJ down 1.22%, you don't need much imagination to work out what's going to happen when the impasse is solved.
Just theatrics ATM--but if it plays out longer it could easily turn into a crisis.
We all know your not buying Gold or Silver--And if your smart ,your not buying much else ATM.
Of course you could short Gold or Silver if you believe your imagination =intelligence
POG is holding nicely above yesterday's price at the same time of day, and has done so for the past 4 hours. The short term trend is not downward. A break through 1320USD, however, is needed to confirm a reversal.
BC
Remember, China is out this week & that & includes Singaporean Chinese etc so nothing really going on in large parts of Asia. If the agreement is reached they then need to agree to lift the debt ceiling & as long as it doesn't drag on too long in itself its not a major. Kicking the can down the road is, & the credit rating agencies reactions to the inevitable downgrade for the US's sovereign rating. Gold may sell off once agreement is reached in Washington, or maybe the short term thinkers actually realize what it means in regards the massive US bond market & the rating thereof.